Earned Income Tax Credit
It's Time To Learn About The Earned Income Tax Credit
Tax time is the right time for Ohio's workers to learn more about the Earned Income Tax Credit (EITC) - a federal tax credit recognizing the economic contributions of working families.
For 2007 earnings, the maximum credit is just over $4,700, and families with incomes up to almost $40,000 may qualify. The EITC is refundable, so you may be able to claim it even if you do not owe taxes.
As many as 25% of eligible Ohioans do not claim the EITC. The Internal Revenue Service (IRS) estimates that more than $180 million that could have been refunded to Ohio families in 2000 stayed in Washington instead.
Senator Brown is working with state and local governments and community organizations to raise awareness of the EITC and encourage eligible Ohioans to apply. You can learn more about the EITC here:
- The Center on Budget and Policy Priorities, a non-profit organization based in Washington, D.C., has developed an online interactive EITC estimator. You can use this tool to calculate your 2007 EITC.
- The IRS' answers EITC questions and provides an estimator as well. For more detailed questions of EITC eligibility, see IRS Publication 596.
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